Nothing new behind the clouds? A structured literature review of empirical research on corporate risk disclosure

Purpose This paper aims to review and critique empirical research on risk disclosure (RD) in nonfinancial firms, develop insights into the current state of the field, and outline a future research agenda. Design/methodology/approach A structured literature review is conducted on 209 empirical papers published between 2000 and 2025 in journals indexed in Scopus and Web of Science. Eleven classification criteria are applied to provide a granular overview of prevailing trends in RD research and identify avenues for future development. Findings Empirical RD research has expanded significantly in volume, scope and analytical depth. Nonetheless, geographic and thematic imbalances persist, with studies concentrated in a few developed countries and several RD categories remaining underexplored. Methodologically, the field has evolved from positivist, volume-based approaches toward more interpretive and strategic analyses, increasingly supported by computational tools. Yet, qualitative and mixed-method designs remain underused. Research implications are frequently reiterated, particularly at the macro level and the potential for greater stakeholder relevance is considerable. Originality/value This study broadens the scope of existing RD literature reviews by mapping thematic and methodological developments. It offers a consolidated synthesis of research trajectories and highlights emerging analytical sophistication. By identifying neglected areas and advocating recalibrating research priorities, the review fosters a more integrated, context-sensitive understanding of RD, guiding future scholarship toward greater relevance and impact.